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Pharmacy Business Plan

Introduction

Starting a pharmacy medicine store in Nigeria is a lucrative retail business to do in Nigeria considering its wide potentials and possibility of turning it into a chain retail pharmacy business.

Professionally, pharmacy is the branch of medicine entailing all aspects of pharmaceutics, the chemistry of the pharmaceutical nature, phytochemistry, pharmacology and forensics which is the science of physical evidence, these are all medical terms though. In practice, a pharmacy is simply a drug dispensary or a place where prescribed drugs could be purchased or collected.

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Table of content

Page

Executive Summary3
Business Description4
Products and Services6
Market Analysis7
Competitor Analysis8
Sales and Marketing Plan9
Operational Plan12
Management Plan13
Financial Plan and Projections14

Executive Summary

Overview

PATILAD Pharmacy is a new pharmacy store involved in prescription medications for our customers at the lowest prices on the market. We will be able to sell prescriptions at reduced prices by carefully maintaining efficiencies in our operations and by targeting a specific segment of the market – those customers who pay for their prescription medications themselves.

The Company

PATILAD Pharmacy is established as a limited liability company owned by Dayo Adetiloye, John Richard, and other investors.  The pharmacy store is managed and directed by Dayo Adetiloye, a veteran in the Pharmacy industry with 8 years’ experience and John Richard, an experienced Pharmacist with over 15 years’ experience. We are located in Ikeja, Lagos state.

Products and Services

PATILAD Pharmacy offers a wide range of prescription drugs to patients based in Lagos and its neighbouring state. Both generics and name brands are offered.

In order for a customer to purchase medications mail order, they must first contact PATILAD Pharmacy over the phone. The customer then needs to mail in the prescription. Once it is received and payment arrangements are complete, the medicines will be sent out to the customer via our delivery system. Local customers may stop by the store front to pick up the medications.

The Market

PATILAD Pharmacy’s target market consists of two different groups, local customers or walk-ins, and mail order customers. PATILAD Pharmacy will employ two different strategies namely discount price and membership registration to reach these two diverse market segments.

Competition

Competitors for PATILAD pharmacy are Alpha Pharmacy, Bolar Pharmaceuticals, Nett Pharmacy, etc.

PATILAD Pharmacy’s competitive edge includes discount prices for high-quality products, excellent customer service, the expertise of its founders, etc.

Financial Considerations

PATILAD Pharmacy seeks N5 million in long-term financing to cover start-up costs, equipment, building expenses, and working capital.

Funding for the launch of the business is provided primarily by equity from the partners and investors.

The business will reach positive cash flow in its 10th month of operation, allowing for expedited repayment of its loan obligations, as well as for dividends to be paid to the owners.  Revenue will top N35,325,000 and gross margin will reach about N13,195,000 in the 1st year of operation.

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